Egypt’s economy was buffeted after Russia’s invasion of Ukraine prompted foreign investors to flee emerging markets. Russia and Ukraine were also the main exporters of wheat to Egypt and a major source of tourism.
The government also on Monday announced a 130 billion Egyptian pound economic relief package, a move that analysts said seemed designed to win IMF support. But because it has exceeded its normal borrowing quota it would have to adhere to exceptional access criteria, meaning it would be subject to a greater level of scrutiny, the person said.The Egyptian pound slipped to 18.45 to the dollar on Tuesday from 18.27 in the morning, Refinitiv data showed. Until Monday it had remained mostly steady at 15.70 pounds to the dollar since November 2020.
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